Healthcare Real Estate

In the past five years, the medical office vacancy in Phoenix has dropped 33%, with the Southwest Valley leading the absorption activity.

Discovery Labs is targeting major markets across the US and also has several international locations in its plans as well. Target domestic markets include: Boston; New York City; Northern New Jersey; Washington, DC; Raleigh-Durham, NC; Chicago, Houston, Austin, San Diego, Los Angeles, San Francisco and Seattle.

The two firms state that the property, which is expected to be completed and ready for occupancy in the first quarter of 2021, will “deliver the critical infrastructure and support network needed to advance biomedical research.”

The U.S. healthcare sector accounts for nearly 18% of GDP and is expected to grow about 5% annually through 2025.

The 90,000-square-foot medical office building is located across from the Providence Cedars-Sinai Tarzana Medical Center.

The expansion of HealthHUB was just one of a number of initiatives announced by CVS Health at its 2019 Investor Day today as the company moves forward after its $69-billion merger with Aetna that was completed in November 2018.

NHI, headquartered in Murfreesboro, TN is the managing member and will own 97.5% of the joint venture equity and Bonita Springs, FL-based Discovery will own 2.5%.

The REIT is investing in the Quebec market through an equity partnership with Le Groupe Maurice.